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This entry was published on 2014-09-22
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SECTION 490-F
Powers of superintendent to obtain payment from fund
Banking (BNK) CHAPTER 2, ARTICLE 11-A
§ 490-f. Powers of superintendent to obtain payment from fund. In any
case where the superintendent has taken possession of any party to the
agreement and has been engaged in the liquidation thereof for one year,
he may demand of the trustee or trustees payment to him from the fund of
such sum as shall be necessary to enable him to pay a dividend on
account of insured shares which taken together with any dividends
previously paid on account thereof will equal fifty per centum of the
established insured claim of shareholders. At the end of two years from
the date upon which the superintendent took possession of any such party
to the agreement he may demand of the trustee or trustees payment to him
from the fund of such additional sum as shall be necessary to enable him
to pay a dividend on account of insured shares which taken together with
dividends previously paid on account thereof shall equal seventy-five
per centum of such established insured claims of shareholders. At the
end of three years from the date upon which the superintendent took
possession of any party to the agreement he may demand of the trustee or
trustees payment to him from the fund of such additional sum as shall be
necessary to enable him to pay the unpaid balance of such established
insured claims of shareholders. Any payments demanded by the
superintendent shall be paid to him from the fund by the trustee or
trustees within thirty days of the date of such demand. Any sum realized
by the superintendent from the liquidation of any party to the agreement
after shareholders have been paid in full, shall be paid by him to the
trustee or trustees of the fund to the extent of the aggregate of the
sums paid by the trustee or trustees to the superintendent under the
provisions of this section.